Natco Pharma dips on preferential share allotment at discount

The board has allotted shares to promoters of Natco Organics at Rs 1,200 per share

Shares of Natco Pharma were down over 2% at Rs 1,306 after the board alloted shares to promoters of Natco Organics at a discount to the current market price.

The committee of Directors at a meeting held at Hyderabad today allotted 1,61,775 equity shares of Rs.10/- each at a premium of Rs.1190/- per share on preferential basis other than cash to the promoters of Natco Organics Limited, Natco Pharma said in a release late Tuesday.

On Tuesday, Natco Pharma had ended at Rs 1,334.30 on the Bombay Stock Exchange.

The stock opened at Rs 1,315 and touched a low of Rs 1,302. At 10AM, over 11,000 shares were traded on both the stock exchanges